Search Form
First, enter a politician or zip code
Now, choose a category

Public Statements

Energy: Wall Street's Next Bubble

Floor Speech

Location: Washington, DC


Mr. DeFAZIO. Madam Speaker, Europeans have had a market-based cap-and-trade system on greenhouse gas emissions for 4 years, and it has failed. The last recorded year, $60 billion in trades, that is added costs, and higher greenhouse gas emissions.

Now the House of Representatives wants to bring that European system here to the United States of America, despite its failures. Why? Well, the market-based approach is only a failure if your objective is meaningful and predictable real reductions in greenhouse gas emissions. Perhaps something else is afoot.

Europe already has a carbon offset futures derivatives market, complete with credit default swap insurance. Is it AIG and mortgages all over again but now with carbon? We are going to bring that here to the United States. Wall Street is tingling with excitement. A trillion dollars speculative market.

Listen to this: Carbon will be the world's biggest commodity market, and it could become the biggest market overall, Louis Redshaw at Barclays. Oh, Wall Street loves this so much. A brand new Wall Street bubble on something as essential as energy. Deja vu all over again.


Skip to top

Help us stay free for all your Fellow Americans

Just $5 from everyone reading this would do it.

Thank You!

You are about to be redirected to a secure checkout page.

Please note:

The total order amount will read $0.00 but know that a recurring donation of the amount and frequency that you selected will be processed and initiated tomorrow. You may see a charge of $0.00 on your statement.

Continue to secure page »

Back to top